Credit unions innovating to meet members needs
by. Cyndi Cohen
The world of banking has to move fast to keep up with consumers’ demands and ever-changing technology, and credit unions are no exception. If they haven’t done so yet, now is the time for credit unions to begin changing their image and adopting new technologies to become more credible and relevant to their tech-savvy members. Members want convenience as well as quality, machine-like efficiency without compromising a human touch and sense of security.
To maintain this delicate balance, credit unions are getting creative in terms of their self-service banking options, offering advancements in video banking, ATM technology, and the like.
Video Banking Provides Efficiency and Convenience
Personal Teller Machines, Personal Automated Tellers, video banking…no matter what you call it, many credit unions have launched these revolutionary systems to provide their members with a convenient, remote, yet personal alternative to a live teller. The benefits of these systems are two-fold, helping both members and the credit unions themselves. For members, they provide banking in non-traditional locations and at non-traditional times, or faster in-branch banking access. For credit unions, they fully or partially replace traditional tellers while maintaining superior service, helping to reduce costs, grow deposits, and excite members.
For example, Coastal Federal Credit Union (Raleigh, NC) converted its branch teller operations to a centralized video banking system using Personal Teller Machine (PTM) technology from NCR. Tellers work out of a central location in the CU’s headquarters and serve members remotely through video terminals located in all of the branches. Members interact with the tellers through the PTM’s video screen. In addition to being able to see and speak with the teller, members can also see a summary of their transaction. The PTMs have cash and check acceptors, an ID scanner, cash and coin dispensers, check printers and a receipt printer. “This enables us to automate some of the transaction functions while still providing the high-level of personal service that members expect from a teller,” explained Joe Mecca, CUDE, Sr. Marketing Analyst/Company Spokesman.
continue reading »